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May 18, 2016

Hard Rock building sells for $21M

By JOURNAL STAFF

Photo By Benjamin Minnick [enlarge]

The 92-year-old structure at 116 Pike St. that houses Seattle's Hard Rock Cafe has been sold for $20.75 million, property records show.

A joint venture of two New York firms, KLM Equities and Harlington Realty, purchased the property near Pike Place Market from an entity related to the Seattle real estate firm Urban Visions.

Urban Visions bought the building in 2006 for $3.3 million and later landed Hard Rock as the tenant.

Hard Rock Cafe opened there in 2010. Some of the Seattle's musical history is on display, including guitars once played by Eddie Vedder, Jimi Hendrix and Kurt Cobain. Outside on the corner is a giant replica of Cobain's Fender Mustang guitar, glowing in neon.

This is KLM's first purchase in Seattle, according to its website. KLM representatives did not return a request for comment.

KLM's website said it owns and operates more than 50 properties, including 1,000 residential units in New York. Outside New York it has Hard Rock Cafe in Seattle, one property in Virginia and four properties in Los Angeles, including TCL Chinese Theatre in Hollywood and an Apple Store in Santa Monica.

Harlington manages retail, office and apartment properties in New York City, and an industrial park in Tampa, Florida.

Last year Lake Union Partners purchased the 111-year-old Eitel Building next door to the Hard Rock and plans to turn it into a hotel.




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